Do Kwon's Extradition: The US Wins the Battle for the Terraform Labs Co-Founder

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by Giorgi Kostiuk

2 years ago

Montenegro officially extradited Do Kwon, co-founder of Terraform Labs, to the United States, marking the end of a year-long legal battle between South Korea and the US.

The Extradition Details

On December 31, 2024, Montenegrin police handed Do Kwon over to FBI officers at the Podgorica Airport. Prime Minister Milojko Spajić confirmed the transfer, stating that Kwon would face charges in the United States. This decision followed Justice Minister Bojan Božović's rejection of South Korea's extradition request.

Legal Battles and the Terra/Luna Collapse

Do Kwon's troubles began with the collapse of the TerraUSD stablecoin and its sister token Luna in May 2022, sparking global outcry and leading to charges of fraud and market manipulation by authorities in the US and South Korea.

Arrest and Prolonged Legal Saga

After months in hiding, Kwon was arrested in Montenegro in March 2023 for attempting to travel with forged passports. Montenegrin courts deliberated on the case for over a year. Eventually, Montenegro prioritized the US extradition request.

The extradition of Do Kwon marks a significant milestone in international cooperation on extradition and justice, underscoring the importance of global efforts in combating financial crimes.

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